The Sydney arm of the global Founder Institute startup accelerator and network is calling for applications for its upcoming program, which steps founders through the process of developing a startup; finding a market, testing a business model, and areas such as marketing, sales and legal.
“Over the program we provide the opportunity to be exposed to more than 40 CEO mentors,” says Benjamin Chong, a director of the Sydney Founder Institute, and partner at Right Click Capital. “These mentors have either run or are currently running technology companies.”
The 14-week program takes participants through the key stages of launching a business. It’s targeted towards those considering starting a company, or in the early stages of building a product. Chong says many founders are still be working full time and want to build and test their model before committing full-time.
Startup founders selected to take part in the Founder Institute program will need to part with $1,100. They’ll in turn spend one night a week learning about a range of topics, and will receive mentoring from around 40 mentors including DesignCrowd Founder Alec Lynch, Posse CEO Rebekah Campbell, and Pollenizer’s Phil Morle.
Founders which decide to graduate will be required to give up 3.5% of their company’s equity. This equity is held in a central pool and allocated among Founder Institute mentors, previous graduates, and the organisation itself. Those companies which go on to raise more than $50,000 are also required to pay $4,500 to the program.
The program receives around 100 applications each round, and 30 to 40 participants will be selected for this program.
Those interested in applying will need to fill in a form on the website and undergo a ‘predictive admissions’ test, similar to a psychometric test. Chong says it’s designed to determine a potential founder’s aptitude for launching a company. He says people are more important than ideas.
“We’re more interested in the actual founder. We’ve had people change their idea so what’s important is having the right attitude and mindset.”
Graduates from the last program include ConnectGolf, SlideFish, and WattCost. Chong argues the program is worth the cost, as founders end up with all the tools “in the box” needed to grow a successful company.
More information on the program can be found on the Founder Institute website. Applications close Sunday 24 February.